Sound advice forfirst-time home buyers

COMMENTARY /// Taking steps towards ownership

Kay Fields

Kay Fields

It’s the American dream: Owning your own home. This is an ideal opportunity to buy with historically low interest rates. What better way to establish a new marriage and new beginnings together?

Buying a new home can be both exciting and stressful, so be prepared before you venture out in search of that perfect home. Learn what is important to know when buying a new home, as this could avoid headaches down the road.

Location, location, location. Don’t deliberate over the small stuff. Remember, you can change the color of the walls, update kitchens and plant, but ultimately where you choose to start your new life is crucial. Is it near a park or a power plant? This is a big investment, and knowledge is power.

First steps for first-time buyers: Meet with a mortgage banker in person to get pre-qualified for mortgage financing. Preapproval includes a credit report and review of tax returns, pay stubs and bank statements. To get a sense of where your credit stands, go to creditkarma.com to get a free credit report from each of the three credit bureaus.

Work with an experienced Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are pre-qualified for mortgage financing. Don’t take offense. The agent doesn’t want you to be disappointed and wants you to have a smooth experience as you shop for a new home.

Once in escrow, line up a home inspector. Good home inspectors may scare the heck out of you, but that’s what you pay them for. You’ll need to concentrate on the fundamentals of the property, such as a roof free of leaks, and plumbing, heating and electrical that are up to code and in good working order.

Bring along a digital camera and document features you like as well as those that may create concern.

While having your own home remains a dream for many, taking the time to educate yourself on every facet of home buying will give you a better sense of timing and equip you with skills to navigate smoothly through the process of buying your dream home.

Happy hunting, and keep in mind that there’s some truth to the old saying “Happy Wife, Happy Life.”

To reach Kay Fields, call (818) 419-1172.

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